Cherat, Bestway Interested in Buying Stake in Attock Cement

Pharaon Investment Group Ltd. is exploring a potential sale of its stake in Attock Cement Pakistan Ltd., drawing early interest from several industry players. Among the potential bidders are Cherat Cement Company and Bestway Group, Bloomberg said in a report on Friday, citing people familiar with the matter. Kot Addu Power Company Limited is also evaluating a possible bid and may partner with a local construction materials firm such as Fauji Cement, the publication said. In a stock exchange filing on Thursday, Attock Cement confirmed that Pharaon has received expressions of interest. Some prospective buyers have indicated plans to submit binding offers after completing due diligence, though none were named. Talks are still in progress, and there’s no guarantee that any offers will materialize, the report cautioned. Pharaon, based in Lebanon, announced in December that it was reviewing strategic options for Attock Cement, including a possible sale. The group has appointed Standard Chartered Bank as its financial adviser. In Pakistan, Pharaon also holds investments in Attock Petroleum Ltd, Attock Refinery Ltd, and Pakistan Oilfields Ltd.